By Stanley Opara

Monday, 20 Dec 2010

Intercontinental Bank Plc has said it aims to create future entrepreneurs, who will make a difference in wealth generation and management with its flagship product, Intercontinental Diamond Fund.

Speaking at the 18th IDF Night in Lagos on Thursday, the Group Managing Director/Chief Executive Officer of the bank, Mr. Mahmoud Alabi, said the bank was determined to consolidate on the achievement of the IDF through continuous improvement in the product’s features to retain customers‘ confidence.

He said, last year, 20 students from various tertiary institutions in the country benefitted from the IDF scholarship scheme, adding that another set of 20 students had also emerged this year.

“So far, about 520 students have been awarded the IDF scholarship since inception, bringing to over 1,800, the number of beneficiaries of our different scholarship schemes, a fact that speaks volume of our deep commitment to educational development in the country,” he said.

The product is structured to serve customers in select and key markets, and an investor in the product requires a minimum of N250,000 for a minimum tenure of 90 days while a beneficiary of the scholarship scheme is entitled to N100,000 per annum.

Alabi, however, explained that the IDF was introduced into the Nigerian financial market in 1992, just three years after the bank started operations, as a robust investment product to bolster investment habits among the middle and upper class segments of the economy.

According to him, rewarding customers through the IDF and the State Scholarship Scheme is a refreshing experience, which will encourage its pursuit of innovative product development strategies.

“Our retail banking division shall continue to position itself for value to our teeming customers,” he added.

The Intercontinental Bank boss noted that the bank was also committed to providing consumer banking credits that would enable customers to acquire assets at economic costs.

He added that the bank‘s e-Banking platform was effectively positioned to address the need for convenience and security in services to customers.

Source: Punch